INSURERS PAY OVER N517.57 MILLION CLAIMS ON BANKS’ FRAUD

Cyber-crimes are on the rise globally making it the biggest nightmare for companies at the moment, as fraudsters are always a step ahead of experts.

The Nigerian Insurance Industry is waking up to cyber-crimes as they paid over N517.57 million as claims to banks for fraudulent activities in 2016, even as available date put banks fraud and forgeries at over N5.52 billion.

According to a report obtained from the Nigerian Insurers Association (NIA), UnityKapital Assurance Plc paid the largest single fraud claims amounting to N172.01 million to Unity Bank Plc.

AxaMansard Insurance paid N84.95 million to Guaranty Trust Bank and Custodian and Allied Insurance Limited paid N30.95 million to Sterling Bank Plc.

The value of fraud and forgeries in the banking sector rose to N5.52 billion at the end of June 2017 from N4.12 billion at the end of December 2016 according to the Central Bank of Nigeria (CBN).

Leave a Reply

Your email address will not be published. Required fields are marked *